Glossary & FAQ

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IOST FAQ

Where can I find the project roadmap?

Our roadmap is available on our website.

Has IOST released any code?

Yes, IOST is open source. Our code can be viewed on our GitHub.

Will there be a token swap from the current ERC-20 IOST?

Yes, once the mainnet is launched we will announce a token swap during which the ERC-20 IOST will be converted to our native coin. We are working with exchanges and wallets to ensure the swap goes smoothly. Don’t worry, we will provide an ample amount of time to ensure everyone is able to complete the exchange.

How did you raise your funds?

We did not conduct an ICO, we raised our money via a hard-capped 35,000 Ether private sale from 30+ regular institutional investors (including Sequoia China, ZhenFund, Jingwei China, FBG, INBlockchain, etc.). The private sale ended on January 3, 2018. We plan to use 100% of the funds for the IOST project and IOST related ecosystem development.

What is the total supply? What is the circulating supply?

The total fixed supply is 21 billion IOST. The circulating supply is 62.31% of the total supply, which is 13.086 billion IOST. This is different from the amount incorrectly listed on CoinMarketCap, which has the circulating supply listed at 12.03 billion IOST.

The current circulating distribution is as below:

40.0% — Token Sale  

10.0% — Team

2.5% — Investors & Advisers

35.0% [non-circulating]— IOS Foundation for long-term ecosystem development 

2.69% [non-circulating] — Community Building (reduced from 12.5% through community building initiatives throughout 2018)

Is there a token lock up for IOST?

The IOS Foundation officially announced on April 9, 2018 that all 35% of the tokens reserved for the Foundation were put into an escrow account for lock-up until a new development plan is announced following the launch of the our mainnet.

The escrow wallet can be found here: Wallet.

Where can I store my IOST?

Until we launch our mainnet, IOST is an ERC-20 token, meaning that it can be stored in any ERC-20 compatible wallet. Please check the wallet provider’s support information to ensure that the wallet you use can store and manage IOST’s ERC-20 token.

If your wallet application has not yet listed IOST. You can lookup your tokens balance via the IOST smart contract:

Contract Address: 0xfa1a856cfa3409cfa145fa4e20eb270df3eb21ab

Decimals: 18

Symbol: IOST

Do you recommend any wallets?

No, we do not officially endorse or recommend any wallets. Please research which wallet works best for your circumstances.

Will you be making an IOST wallet?

Yes, we will release a wallet before launching our mainnet.

What is the staking process? How many coins will you need in order to stake?

We have not yet released the staking specifics. We will publish a full explanation of our tokenomic logic closer to the launch of our mainnet.

Will there be an economic/technical whitepaper released in the future?

Due to the nature of developing a new technology, we will be rewriting our whitepaper to encompass any changes made to our economic model, technology or strategic vision for IOST. The newer version will be released closer to the launch of our mainnet and will provide a more technical explanation of our ecosystem.

Which programming languages does IOST support for smart contract development?

Lua; however, we will be migrating to Javascript (09.2018).

Can I get IOST through mining?

No, our network does not support mining, because it uses a separate validation method known as “Proof of Believability”. However, nodes on the network will receive other incentives – the specifics of these incentives will be announced before the launch of our mainnet.

How can I get in touch with the IOST team?

The IOST team recently began a series of community events in Europe, for more information, visit our meetup page. We are working to organize similar events across the globe.

You can contact us at team@iost.io

Is there a way I can organize a meetup in my area or school?

Yes, we have an IOST ambassador program. For more information about our ambassador program read this Medium post.

Where can I follow IOST?

Official Website

Twitter

Twitter (Korea)

Twitter (Japan)

Discord

Facebook Page

Facebook Group

Youtube

Medium

Reddit

GitHub

Where can I join the IOST community?

You can join our Reddit, Telegram and Discord communities. Below are all of the different official IOST language telegram groups:

Official Telegram Group

Glossary

We created this Cryptocurrency Glossary so that those in our community with a desire to learn more about cryptocurrency and blockchain technology have a resource to explain many of the technical terms used in the industry. Although we do feel we have covered many of the basics,if you feel we missed some please comment and we will add them. Similarly, if you need help with any of the terms please reach out and we will do our best to help.

51% Attack
A malicious attack which can take place if one person or group of people control 51% or more of the hashing power on a network

Address

Cryptocurrency addresses are used to send and receive transactions on a blockchain network. They are created using a hash of the private key.

ASIC

Application Specific Integrated Circuit (ASIC) is essentially a computer chip optimized to perform a set of tasks, like mining Bitcoin.

Bitcoin
Bitcoin was designed by the anonymous programmer Satoshi Nakamoto. It is the first decentralized, trustless, secure blockchain-based money.

Block
Blocks contain the permanent data that is recorded onto the blockchain.

Blockchain

A blockchain is a distributed ledger where transactions and states are recorded permanently in blocks. It is a historical record of all transactions on the blockchain since it began with the genesis block.

Block Explorer

Block explorer is an online tool which allows you to explore any blockchain’s transactions and accounts.

Block Height

The number of blocks in a blockchain.

Block Reward
The incentive for miners to use their hashing power to verify transactions on a network. The reward varies across different blockchains.

Central Ledger

A centralized ledger is held by a central organization. Ex: a bank

Confirmation
Confirmation occurs when a transaction is successfully hashed and added to the blockchain.

Consensus

Consensus occurs when all participants on a network agree on the validity of a transactions on the blockchain.

Cryptocurrency

Cryptocurrencies, such as Bitcoin and IOST, are currencies which use a blockchain to maintain a decentralized and immutable copy of all transactions.

Dapp
A decentralized application is an application which runs on top of a blockchain. A good example is the game Crypto Heroes.

DAO
Decentralised Autonomous Organizations are organizations whose rules are hardcoded into the blockchain.

Distributed Ledger
Distributed ledgers are distributed across all nodes on the blockchain network.

Distributed Network

A distributed network is when the processing power on a network is distributed across the nodes on a network and is not centralized in one data center.

Difficulty
The difficulty of a proof of work network is adjusted to compensate for an increase or decrease in the amount of computational power on a network.

Double Spending
A problem that early digital currency faced, which is the ability to copy and use funds more than once.

Fork
Forks create an alternative version of the blockchain. It commonly occurs when consensus cannot be met on a proposed update. In this case, one group updates to the new protocol and one group does not, therefore creating two blockchains.

Genesis Block
The first block in a blockchain.

Hard Fork

A hard fork, as it relates to blockchain technology, is a radical change to the protocol that makes previously invalid blocks/transactions valid (or vice-versa). This requires all nodes or users to upgrade to the latest version of the protocol software.

Hardware Wallet
A hardware wallet is a specifically designed piece of hardware that stores a users private keys.

Hash Rate
Hash rate is the measurement of the total computational power a miner contributes to a blockchain network.

Mining
Mining is the process by which transactions are verified and added to the public ledger, known as the blockchain, and also the means through which new Bitcoin are released. Anyone with access to the internet and suitable hardware can participate in mining.

Multi-Signature Addresses
Two keys are required to open a multi-signature account, this is used to enhance security or to create an escrow account.

Node

Any computer that connects to the Bitcoin network is called a node.

Paper Wallet
A paper wallet is a print out of a users private keys, which can then be stored offline and safe from malicious actors.

Public Address

A public address is safe to share with the public. It is used to send and receive cryptocurrency.

Private Key
A private key is not safe to share with the public and should never be shared with anyone. It is the address that controls access to your cryptocurrency.

Proof of Believability
Designed by IOST, it is a Byzantine consensus protocol with a Believable-First approach that guarantees the safety and liveness of the system while largely maximizing the transaction throughput by size-one-shard. It is an improvement on the Proof of Stake (PoS) consensus mechanism that fixes known PoS vulnerabilities. Visit the IOST whitepaper for a more detailed description.

Proof of Stake
Proof of Stake concept states that a person can mine or validate block transactions according to how many coins he or she holds. This means that the more cryptocurrency owned by a miner, the more mining power they have.

Proof of Work
A proof-of-work (PoW) system is an economic measure to deter denial of service attacks and other service abuses such as spam on a network by requiring some work from the service requester, usually meaning processing time by a computer.

Scrypt
Scrypt is type of Proof of Work protocol which is much easier to run on an already-existing CPU, and tends to use up less energy than using SHA-256; as a result, it’s favored by most individual miners. It is ASIC resistant.

SHA-256
The name of the cryptographic hash function used by bitcoin. It’s been subsequently used by a number of altcoins too.

Smart Contracts
A smart contract is a computer protocol used to digitally facilitate, verify, or enforce the negotiation or performance of a contract which is hardcoded into a file that is run on a blockchain, making the contract immutable. Advanced forms of smart contracts are often called decentralized applications (dapps).

Soft Fork
A soft fork is implemented when a seemingly minor change is made to the blockchain network, where the miners agree and update to the new protocols.

Software Wallet
A piece of software that stores a users private keys.

Testnet

A testnet is a safe environment for cryptocurrency developers to test out their network before the mainnet launch. It is also used by developers to test dapps and smart contracts prior to launching them on the mainnet.

Transaction Fee
The fee incurred when processing a transaction on the blockchain.

Turing Complete
If a machine is capable of performing all possible calculations, then it is Turing complete.

Wallet
A wallet is a means to store private keys of cryptocurrency accounts.

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